U.S. Bancorp reported Q4/17 net income of $1,682 million, up 13.8% compared to $1,478 million in Q4/16. The bank said Q4/17 included notable items related to the impact of tax reform ($910 million), a special employee bonus, a charitable contribution to the U.S. Bank Foundation ($152 million net of tax) and a regulatory and legal accrual ($608 million) that, combined, increased diluted earnings per common share by $0.09.

For full-year 2017, U.S. Bancorp reported record net revenue of $22,057 million and record net income of $6,218 million, which was up 5.6% from $5,888 million a year earlier.

U.S. Bancorp President and CEO Andy Cecere said, “Our fourth quarter results were a strong end to what was a record year for U.S. Bancorp on several measures. We delivered record net revenue, net income and diluted earnings per common share. Excluding notable items, our fourth quarter performance metrics were highlighted by a return on average common equity of 13.4% and a return on average assets of 1.33%. In the fourth quarter we returned 72% of earnings to shareholders through dividends and share buybacks.

“The economic backdrop is favorable, and tax reform legislation enacted late last year has provided us an opportunity to accelerate investment in our businesses, our people and our communities, while at the same time enhancing shareholder value through the potential for increased payouts. We previously announced that we will raise our minimum wage in the U.S. to $15 per hour, provide one-time bonuses to certain eligible employees and contribute an additional $150 million to the U.S. Bank Foundation, which will help revitalize our communities for years to come. With the ongoing benefit provided by a lower corporate tax rate we plan to increase our investments in technology and innovation, with a focus on enhancing the customer experience and improving operational efficiency that drives long-term growth and creates value for shareholders.

“The successes of 2017 were a direct result of the outstanding dedication and effort of our employees. I want to thank our amazing team members who work tirelessly to be our customers’ most trusted partner. We are operating from a position of strength as we enter 2018 and we will continue to work every day to create value for our investors, our customers, our communities and our employees.”